Important movement in gold today. GLD moved bellow the July-December uptrend line and now the next support level is around 1610, the YTD uptrend line. Bellow that is the September low around 1580
I don't think gold holders should panic yet since overall gold is still bullish at the technical level. The major support in my opinion is 1520, the 3 years uptrend line. Bellow that is going to be carnage but not yet. Gold may also find support around SMA200 (1,580). Speaking of SMA200 one should notice that is pointing up which is bullish. Also there is no "death cross" yet (SMA 50 crossing SMA 200 from above). Weekly DMI is still positive but not by much so pay attention to this long term indicator.
All the best!
babaro
P.S. I hope I'll have time to do an analysis of the general market at the end of the trading day.
I don't think gold holders should panic yet since overall gold is still bullish at the technical level. The major support in my opinion is 1520, the 3 years uptrend line. Bellow that is going to be carnage but not yet. Gold may also find support around SMA200 (1,580). Speaking of SMA200 one should notice that is pointing up which is bullish. Also there is no "death cross" yet (SMA 50 crossing SMA 200 from above). Weekly DMI is still positive but not by much so pay attention to this long term indicator.
All the best!
babaro
P.S. I hope I'll have time to do an analysis of the general market at the end of the trading day.
No comments:
Post a Comment
Thank you for your feed-back